Beowulf Mining SDB

Beowulf Mining plc has announced a plan to conditionally raise approximately £1.0 million (SEK 13 million) through a placing, as part of a larger capital raise aimed at gathering at least £2.1 million. This funding will support the development of the Kallak Iron Ore Project in Sweden, the Graphite Anode Materials Plant in Finland, and general corporate purposes. The company has also planned a General Meeting for 8 April 2025 to gain approval for increasing share capital issuance. The capital raise includes a Rights Issue and a UK Retail Offer, aiming to gather up to SEK 59 million (approximately £4.5 million). The funds will help advance technical and environmental studies for Kallak and GAMP, and provide working capital into 2026. Beowulf has secured underwriting commitments for part of the Rights Issue and has arranged a Bridge Loan to ensure continued operations. The company is also pursuing strategic partnerships to further de-risk and accelerate project development.

Beowulf Mining Plc and its Finnish subsidiary, Grafintec Oy, have announced the successful completion of a Pre-Feasibility Study (PFS) for their Graphite Anode Materials Plant (GAMP), demonstrating strong economic potential. The study reveals a post-tax Net Present Value (NPV) of €924 million and an Internal Rate of Return (IRR) of 37% for Phase 1, with potential expansion in Phase 2 increasing these figures significantly. The project plans to produce Coated Spherical Purified Graphite (CSPG) for the European lithium-ion battery sector, initially importing raw materials before potentially developing their own mining projects. The plant is to be located in Finland, benefiting from local support and resources. The PFS outlines a phased development strategy, with Phase 1 aiming for 25,000 tonnes per year of CSPG, expanding to 75,000 tonnes in Phase 2. The economic analysis was conducted by Anzaplan, highlighting competitive operating costs and potential government and EU support through grants and tax incentives. Beowulf is also considering strategic partnerships and additional financing to advance the project. The company is exploring further development of its graphite resources in Finland to enhance supply chain integration and project economics.

Beowulf Mining plc announced its unaudited preliminary financial results for the year ending 31 December 2024. The company, focused on mineral exploration and development, reported a consolidated loss of £1,789,000, an improvement from the previous year's loss of £2,937,909. This reduction in loss was attributed to decreased professional fees, foreign currency losses, salary costs, and other expenses. Beowulf's activities during the period included significant progress at the Kallak Iron Ore Project in Sweden, where metallurgical test-work confirmed the production of high-grade iron ore concentrate. In Finland, the development of the Graphite Anode Materials Plant was advanced, with test-work demonstrating the ability to produce battery-grade material. In Kosovo, Beowulf consolidated full ownership of Vardar Minerals Limited, enhancing operational control. The company raised approximately £4.4 million through a rights issue and other means to fund ongoing projects. Despite these advancements, Beowulf noted challenges in securing additional financing to continue project development. The company is working with advisers to procure near-term financing, though there is no certainty of success. The financial position at the end of 2024 showed cash holdings of £881,349 and an increase in exploration assets to £15,521,317. Beowulf highlighted the need for additional funds to continue its operations and advance its projects.